United States: US President Mr. Joe Biden and leading American tech companies, including Google and Intel will meet with Vietnamese business leaders. This meeting comes as both countries have agreed to strengthen their collaboration in response to mutual concerns related to China.
Mr. Biden and the top leader of Vietnam’s ruling Communist Party have established a “comprehensive strategic partnership.” This move is part of Washington’s efforts to expand its alliance network across Asia and the Pacific to address the increasing influence of Beijing.
The United States considers Vietnam, a strong manufacturing hub, a key element in its strategy to decrease dependence on China for critical resource supplies. The recent agreement contains deals related to semiconductors and rare earth materials, as per the statement.
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The new partnership involves an agreement on semiconductors, in which the United States has pledged to assist Vietnam in enhancing its capabilities and scaling up production.
Last month, Mr. Biden took steps to limit US investments in sensitive Chinese technology sectors, including semiconductors, quantum computing, and artificial intelligence.
As Washington aims to broaden and fortify its supply chains following various disruptions to the global economy, it is turning its attention to Vietnam.
Thank you for the warm welcome, Vietnam.
I know this will be a historic visit. pic.twitter.com/df2h4uMFuk
— President Biden (@POTUS) September 10, 2023
Vietnam possesses the world’s second-largest reserves of rare earths, another critically important resource, following China.
Vietnam Airlines is expected to finalize a $10 billion agreement to purchase 50 medium-haul 737 MAX aircraft from Boeing, as reported by state media.